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General Motors

GM Financial is the global captive finance arm of General Motors which was initially formed by the $3.5 bn 2010 acquisition of AmeriCredit, a subprime auto lender. In 2013, GMF bought Ally's select international assets, mainly its European and Latin American operations, and in 2015 bought Ally's equity interest in SAIC-GMAC Auto Finance Company. The firm also owns a 35% interest in the JV that conducts auto finance operations in China. (17 Apr 2018)

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Focused

Transcript: IG & Crossover Contrarian Trade Panel

Transcript: 10 Dec 2018, 5:22 AM ET - This is the transcript of the Contrarian Trade Ideas panel at the CreditSights IG & Crossover conference on December 4, 2018.
Focused

GM: Let the Tweet Storm Begin

Worth Watching: 27 Nov 2018, 4:50 PM ET - GM: Not surprisingly GM is seeing a fair amount of political backlash stemming from its decision to close plants and idle capacity in the US and Canada (see GM: Secular Shifts or Cyclical Positioning). As a reaction, President Trump provided com ..
Focused

GM: Secular Shifts or Cyclical Positioning

Company Analysis: 27 Nov 2018, 5:05 AM ET - GM’s restructuring announcement is reflective of secular product shifts away from cars. GM’s expected payback on the restructuring costs is impressive, and Ford is now even under even more pressure to provide details on its Fitness Plan. 

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.
Focused

GM Financial: BUY New 3Y Issuance!

IG Note: 01 Nov 2018, 10:17 AM ET - GMF is in the market with 3Y fixed and floating rate notes. We would view any NIC as very attractive and would remain buyers through the curve given positioning relative to the broader BBB index.
Focused

GM/GM Financial 3Q18: Treating Sweet Results

IG Note: 01 Nov 2018, 5:33 AM ET - GM reported strong set of results and reiterated its FY18 outlook despite a challenging industry backdrop. GM North America, China and GM Financial continue to lead performance, further distancing itself from Ford. 

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.
Focused

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 
Focused

IG Note: US Autos Underperformance – Long End Pain

IG Note: 15 Oct 2018, 3:49 AM ET - Autos is the worst performing IG Sector in the YTD18 period, with the long end bonds of Ford and GM driving the underperformance. 

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.
Focused

GM Financial: $500 mn "Hybrid"Issuance

Worth Watching: 17 Sep 2018, 9:31 PM ET - GM Financial issued $500 mn worth of fixed-to-floating cumulative perpetual preferred stock (hybrid security) today, in a move to lock in coupon payments against the backdrop of a rising interest rate environment and bolster its already healthy ..
Focused

GM Motor Company: Buy New Issue

IG Note: 05 Sep 2018, 11:59 AM ET - We remain positive on GM given its positioning relative to the BBB index and newly downgraded peer Ford. We view the new issue concession at IPT levels as attractive and would remain buyers even at the curve.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Delphi Technologies: Softer Outlook, Move To M/P

Earnings Note: 08 Aug 2018, 9:34 PM ET - Delphi reported a softer-than-expected of 2Q18 results and downwardly revised its FY18 guidance outlays. We view further credit metric improvement as limited over the near-term and, accordingly, move to M/P.

Cooper Tire: 2Q18 | Muted Outlook

Worth Watching: 06 Aug 2018, 10:29 PM ET - Cooper Tire (B1/BB) recorded modest 2Q18 results, reporting both top and bottom line contraction for the second consecutive quarter. The firm saw revenue fall 3.1%, driven primarily by lower tire volumes as well as the impact of weaker price an ..

Cooper-Standard: 2Q18 | Mixed Performance

Worth Watching: 01 Aug 2018, 11:58 PM ET - Cooper-Standard (B1/B+) reported an all-time high for second quarter sales, but a weaker than expected volume mix and unstable market conditions impacted its bottom line. The company saw modest 2.1% revenue expansion, improving to a quarterly h ..

Meritor: 3Q18 | Keep on Trucking

Worth Watching: 01 Aug 2018, 11:57 PM ET - Meritor (B2/BB-) recorded healthy growth in its third quarter, despite the unfavorable impact of rising commodity costs. Sales were up 22.7% YoY, to $1.1 bn, driven by higher production across the board, and one of the highest North American ma ..

Autoliv: 2Q18 | Moving Forward

Worth Watching: 30 Jul 2018, 12:27 PM ET - Autoliv (A2/A-) reported steady growth in its second quarter despite rising raw material prices against the backdrop of rising trade tensions. Consolidated sales grew 11.5% to $2.2 bn, driven by a 4.2% positive impact stemming from currency tra ..

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